Updated: May 22, 2024
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Life insurance can cushion the financial blow of your passing by providing monetary support to your beneficiaries. It’s an important policy to have as it helps your dependents avoid financial hardship.
MoneyGeek’s guide to the best life insurance companies in Chattanooga, Tennessee, provides average rates based on age, gender and smoking history to help life insurance shoppers like you find the company that suits their needs and budget.
BestLife InsuranceChattanooga, TNBest Life Insurance Companies in Chattanooga, TN, for 2023
Insurance providers consider your policy amount and gender when calculating your life insurance premium. For $250K coverage in Chattanooga, MassMutual is the most affordable option, charging an average monthly premium of $10 for men and $9 for women.
Although a policy with $250K coverage is more affordable, it may not provide enough financial protection. A good benchmark for the average Chattanoogan to use is Tennessee’s recommended coverage amount of $652,000, which is based on various state-specific factors, like the cost of living and average personal debt.
With Tennessee’s recommended coverage amount of $652K, males find the lowest average life insurance rate at MassMutual ($17 per month), while females enjoy the best rate at Nationwide ($14 per month).
Cheapest For | $250K Coverage | $652K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
Generally, life insurance costs differ for men and women, and location also affects costs. In Chattanooga, men pay just below the average for the state of Tennessee, while women pay around 3% less than the state average.
For $250K in life insurance coverage, on average, men in Chattanooga pay a monthly premium of $20, and women pay $16.
Rates do increase if you decide to get the Tennessee-recommended coverage amount of $652,000. That amount was calculated based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age.
The average monthly cost of a life insurance policy with this coverage amount in Chattanooga is $41 for men and $31 for women.
If you choose a 10-year term policy, the average price is $26 per month for men and $20 for women, regardless of the coverage amount.
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $17 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $17 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $17 |
| Transamerica | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $30 |
| AAA | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $41 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $14 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $14 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $14 |
| Transamerica | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $25 |
| State Farm | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $31 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Chattanooga using average buyer profile statistics, including the average age of 31, the average weight of 197 pounds for males and 156 pounds for females, and an average coverage need of $652,000.
You may have noticed that women are typically charged lower rates for life insurance than men. That is because women have a longer average life expectancy. Several factors contribute to the general observation that women tend to outlive men, including men being statistically more likely to perform dangerous jobs and skip routine medical checkups.
But, research studies show that men buy life insurance more often than women. MoneyGeek wishes to empower its male and female readers by providing tools on how life insurance works and highlighting the many benefits of life insurance products. Women should consider life insurance whether they work outside or in the home because they have an impact on their household’s financial well-being.
The three most popular life insurance companies in Tennessee based on market share are Northwestern Mutual (around 8%), Tennessee Farmers Life Insurance Co. (around 6%) and State Farm (around 5%). The seven most popular companies across Tennessee make up around 36% of the overall market.
Refer to MoneyGeek’s summary table below, which lists the most popular life insurance companies in Tennessee and their market shares.
| Northwestern Mutual | Market Share8% |
| Tennessee Farmers Life Insurance Co. | Market Share6% |
| State Farm | Market Share5% |
| Lincoln Financial | Market Share5% |
| New York Life | Market Share4% |
A company's market share is its percentage of sales relative to others in its industry. It reflects the degree to which a company dominates its market. In the life insurance business sector, having a high market share means a company has sold more policies compared to its competitors.
The market share data in MoneyGeek’s analysis is derived from each insurer’s total premiums written in Tennessee based on S&P Global’s 2020 data reports.
In Chattanooga, the average life insurance premium for younger adults ranges between $15 and $31 per month.
MoneyGeek found that, on average, the two cheapest life insurance companies in Chattanooga for young people are:
Review our comprehensive list of life insurance companies in Chattanooga for young people and their respective average rates in the table below.
| Mutual of Omaha | Monthly Cost$15 |
| MassMutual | Monthly Cost$15 |
| Transamerica | Monthly Cost$16 |
| Nationwide | Monthly Cost$19 |
| Progressive Life | Monthly Cost$21 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Chattanooga who is 5 feet 10 inches tall and weighs 168 pounds with a 20-year term contract at the average coverage need of $250,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Life insurance is cheaper for young adults (25 and under). But, policy premiums increase over time with age as people become more prone to ailments. MoneyGeek strongly advises purchasing life insurance at a young age as one of the best strategies to save money on a life insurance policy.
Seniors living in Chattanooga will find, on average, that life insurance costs anywhere from $38 to $79 per month.
On average, the two most affordable life insurance companies in Chattanooga for older adults are:
Refer to the table below for the full list of the life insurance companies in Chattanooga for seniors and what they charge per month.
| MassMutual | Monthly Cost$38 |
| Mutual of Omaha | Monthly Cost$43 |
| Nationwide | Monthly Cost$44 |
| State Farm | Monthly Cost$51 |
| Progressive Life | Monthly Cost$69 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Chattanooga who is 5 feet 10 inches tall and weighs 197 pounds that purchases a 10-year term contract at the average coverage need of $76,000.
Seniors pay more for life insurance because it's more likely that their policy will outlive them.
To save on costs, seniors can consider getting less coverage since their beneficiaries are more likely to be financially independent adults. For example, their policy may only need to cover expenses for funeral arrangements, estate tax and other financial obligations which aren’t substantial expenditures.
For this reason, MoneyGeek’s sample policy coverage for Chattanooga seniors is less than for other age groups.
Life insurance quotes in Chattanooga for smokers have an average range of $111 to $208 per month.
MoneyGeek found, on average, the cheapest life insurance providers for smokers in Chattanooga are:
Refer to the table below for the full list of the life insurance companies in Chattanooga for smokers and their rates.
| MassMutual | Monthly Cost$111 |
| Nationwide | Monthly Cost$118 |
| Mutual of Omaha | Monthly Cost$120 |
| Transamerica | Monthly Cost$125 |
| State Farm | Monthly Cost$144 |
Rates were determined by analyzing quotes for a 31-year-old male smoker in Chattanooga who is 5 feet 10 inches tall and weighs 197 pounds that purchases a 20-year term contract at the average coverage need of $652,000.
Smoking may lead to a host of long-term adverse health effects, which is why insurers categorize smokers as high risk and charge them higher premiums. Nonetheless, it is still possible to find cheap life insurance for people who smoke. Additionally, MoneyGeek recommends buying a longer-term policy (at least 20 years) since rates for smokers increase dramatically as they age.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
